June Newsletter

Please visit our Facebook page www.facebook.com/britsaccinc for up-todate information regarding VAT etc.

shortages would need to be paid back to SARS at the end of the tax year. Visit http://www.littlelogbook.co.za/ to find out about a new electronic logbook that could simplify your life.

SARS Pay Now Argue Later Principle For some this may seem as an idle threat from SARS. WHO do they think they are taking money from your account without your permission?

CIPC
Unfortunately, we have no control over how long a company registration will take at CIPC. Once we have sent the documents to CIPC we have to wait for their process to run this may take anything from a few days to several weeks. Please understand that although we can try to monitor the progress by phoning CIPC we have no influence on them whatsoever. Phoning them is also very time-consuming and one call can be one hour or longer. Very rarely if ever are we lucky enough to be helped under an hour We do realize that in most cases the registration of a company is very urgent and will we continue to do our best to ensure that the process run as smooth as possible.

Firstly, SARS can, without notice to you and without issuing summons, lodge with a court a statement of what it alleges you owe in taxes and/or interest, which statement will thereupon have the force and effect of a judgment against you.

Secondly, the "pay now, argue later" principle enables SARS to enforce payment of the amount it claims even when an objection or appeal by you is pending. Thus according to l.a.w. they are allowed to take the money from your account.

Logbook
Current tax laws in South Africa require that ALL taxpayers with a car allowance submit a detailed logbook of business mileage. Without this logbook, the monthly tax benefits received are lost and the

Income Tax and VAT Registrations

Please make note of the following when applying for Income Tax and/or VAT registration. We need the following documents handed in:

For Income Tax

Proof of identity Original bank statement with the bank stamp confirming the account holder's name, account number, account type, and branch code; and Original proof of residential address, e.g. municipal account/utility bill of an individual not more than three months old reflecting the name and residential address; Details of Income received o Income details need to be supplied for the last 3 years. Copies of documents (e.g. IRP5, IT 3) should be provided where applicable.

o o o

Bank statements of the past 3 month Financial information In case of a practitioner, a letter of Authority / Power of Attorney to authorise the practitioner to act on behalf of the vendor; and Copy of the business municipal account and copy of the residential municipal account of individual, partner or representative vendor; In case of a married individual the municipality account in the name of the spouse may be accepted. If the property is leased, a copy of the lease agreement.

Nature B (partnership) / Nature C (company / CC) supporting document requirements are:

Copy of ID documents of the two most senior partners of the partnership; senior members / directors / shareholders / trustees of the company / CC / share block; Original cancelled cheque or original letter from banker; Copies of: o bank statements for the past three months but not older than one month from application; or o financial information listed in part 4 of the application form (only where less than three months bank statements are available or where no bank statements are available); o In case of a practitioner, a letter of Authority / Power of Attorney to authorise the practitioner to act on behalf of the vendor; o Copy of ID document of representative vendor; and o Copy of the business municipal account and copy of the residential municipal account of individual, partner or representative vendor. o If the property is leased, a copy of the lease agreement. o Copy of certificate of incorporation.

Be careful what you water your dreams with. Water them with worry and fear and you will produce weeds that choke the life from your dream. Water them with optimism and solutions and you will cultivate success. Always be on the lookout for ways to turn a problem into an opportunity for success. Always be on the lookout for ways to nurture your dream.
~ Lao Tzu

For Individual VAT Registration

PLEASE NOTE THAT VOLANTURY REGISTARTION WILL ONLY BE ACCEPTED WITH A TURNOVER OF R 50 000 or more per year.
Certified copy of ID document Original cancelled cheque or letter from bank with stamp Copies of: